MGMT 5200- Entrepreneurship Final Study Guide || with
Accurate Answers 100%.
4 reasons people take the entrepreneurial challenge correct answers Oppurtunity
Profit
Independence
Challenge
Traits it takes to be an entrepreneur correct answers -self-directed
-self-nurturing
-action oriented
-highly energetic
-tolerant of uncertainty
Microprenuers correct answers entrepreneurs willing to accept the risk of starting and managing
the type of business that remains small, lets them do the kind of work they want to do, and offers
them a balanced lifestyle
Enterprise zones correct answers Specific geographic areas to which governments try to attract
private business investment by offering lower taxes and other government support
Incubators correct answers centers that offer new businesses low-cost offices with basic business
services
28 million correct answers How many small businesses are in the U.S that have < 2.5 million in
revenue ?
97% correct answers Of all non farm businesses in the U.S how many are considered small ?
over 50% correct answers Small businesses account for how much of the GDP?
65% correct answers How many jobs have small business generated since 1995 ?
80% correct answers How much percentage of U.S workers first jobs were in small business ?
Triggers for starting a business correct answers Being laid off from established employment•
Being approached by one or more people with a new business idea•
Reaching point financially where the risk/return level of a proposed new business is tolerable•
Receiving evidence that an idea is not only possible but there is a concrete way to improve on a
given problem• Being spurred to action by talking with successful entrepreneurs, attending a
seminar, etc.•
Experiencing a mid life (or even early-life) crisis•
Observing the establishment of an incubator, accelerator or business development effort•
Experiencing or expecting the inability to climb the corporate ladder due to circumstances- Not
having graduated from the "correct" school- Being female in a male-dominated business (50%
, higher formation rate than men)- Having a marketing background in a manufacturing
businessSource: Entrepreneurship, Charles Bramford and Gary BrutonTriggers for Starting a
Business14•
50% correct answers small business success: what percentage of small businesses survive for
more than 5 years?
75% correct answers small business failure: what percentage of small businesses ultimately fail
or have marginal existence?
Why are business failures lower than the reports ? correct answers -Owner closing a business to
start another is reported as a "failure."•
-Changing forms of ownership is reported as a "failure."•
-Retirement is reported as a "failure."
New product success rate correct answers 100 ideas
33 developed projects
28 pass all testing
24 fully commercialized
14 succeed in marketplace
Main causes of failure correct answers Strategy• Not focused on high growth segments• Lack of
a unique selling proposition
(USP):- Undifferentiated and higher cost- Product easily made by mass production
Tactics• Incorrect pricing• Unattractive location• No pre-testing (proof of concept)
Financing• Insufficient capital to fund growth or work through start-upcosts
Innovation correct answers commercialization of an invention
left brain activities for generating ideas correct answers idea
invention
innovation
immitation
Idea generation process ( left brain activities) correct answers 1)idea genration
2)gross feasibility assessment
3) implement, further evaluate, or drop
4) analyze, test, or hold
5) implement, or drop
Consumers overall perception of a brand/ product is impacted by correct answers How important
are certain attributes in selecting a given product/brand in acategory- How does a specific
brand/product perform on each attribute.
Accurate Answers 100%.
4 reasons people take the entrepreneurial challenge correct answers Oppurtunity
Profit
Independence
Challenge
Traits it takes to be an entrepreneur correct answers -self-directed
-self-nurturing
-action oriented
-highly energetic
-tolerant of uncertainty
Microprenuers correct answers entrepreneurs willing to accept the risk of starting and managing
the type of business that remains small, lets them do the kind of work they want to do, and offers
them a balanced lifestyle
Enterprise zones correct answers Specific geographic areas to which governments try to attract
private business investment by offering lower taxes and other government support
Incubators correct answers centers that offer new businesses low-cost offices with basic business
services
28 million correct answers How many small businesses are in the U.S that have < 2.5 million in
revenue ?
97% correct answers Of all non farm businesses in the U.S how many are considered small ?
over 50% correct answers Small businesses account for how much of the GDP?
65% correct answers How many jobs have small business generated since 1995 ?
80% correct answers How much percentage of U.S workers first jobs were in small business ?
Triggers for starting a business correct answers Being laid off from established employment•
Being approached by one or more people with a new business idea•
Reaching point financially where the risk/return level of a proposed new business is tolerable•
Receiving evidence that an idea is not only possible but there is a concrete way to improve on a
given problem• Being spurred to action by talking with successful entrepreneurs, attending a
seminar, etc.•
Experiencing a mid life (or even early-life) crisis•
Observing the establishment of an incubator, accelerator or business development effort•
Experiencing or expecting the inability to climb the corporate ladder due to circumstances- Not
having graduated from the "correct" school- Being female in a male-dominated business (50%
, higher formation rate than men)- Having a marketing background in a manufacturing
businessSource: Entrepreneurship, Charles Bramford and Gary BrutonTriggers for Starting a
Business14•
50% correct answers small business success: what percentage of small businesses survive for
more than 5 years?
75% correct answers small business failure: what percentage of small businesses ultimately fail
or have marginal existence?
Why are business failures lower than the reports ? correct answers -Owner closing a business to
start another is reported as a "failure."•
-Changing forms of ownership is reported as a "failure."•
-Retirement is reported as a "failure."
New product success rate correct answers 100 ideas
33 developed projects
28 pass all testing
24 fully commercialized
14 succeed in marketplace
Main causes of failure correct answers Strategy• Not focused on high growth segments• Lack of
a unique selling proposition
(USP):- Undifferentiated and higher cost- Product easily made by mass production
Tactics• Incorrect pricing• Unattractive location• No pre-testing (proof of concept)
Financing• Insufficient capital to fund growth or work through start-upcosts
Innovation correct answers commercialization of an invention
left brain activities for generating ideas correct answers idea
invention
innovation
immitation
Idea generation process ( left brain activities) correct answers 1)idea genration
2)gross feasibility assessment
3) implement, further evaluate, or drop
4) analyze, test, or hold
5) implement, or drop
Consumers overall perception of a brand/ product is impacted by correct answers How important
are certain attributes in selecting a given product/brand in acategory- How does a specific
brand/product perform on each attribute.
